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Housing Starts Fall 12.3% MoM, Biggest June Decline Since 1959 (Inventory Crisis Worsens)

US housing starts in June crashed 12.3% MoM, the biggest June decline since 1959. And maybe before 1959.

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This does NOT help the limited housing inventory problem in the US that is helping to drive housing prices through the proverbial roof.

The largest decrease was in multifamily (5+ units) that declined 20% MoM.  1-unit detached “only” fell 9.11% MoM in June.

The decline was all over the nation, but with the Midwest suffering a 36% decline. I call this “The LeBron James Signing Effect.”

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